What is MICR, NEFT, RTGS, CTS, IMPS, IFSC Detailed Information in Hindi

By | August 15, 2022

What is Full Form of MICR? What is Full Form of NEFT?, Full Form of RTGS?, What is Full Form of CTS?, What is IMPS Full Form? Details information in Hindi pdf, Difference between the NEFT, IMPS, RTGS

National Electronics Funds Transfer , Magnetic Ink Character Recognition Code, Indian Financial System Code, Real Time Gross Settlement Terms in Banking Detailed information in Hindi

What is MICR? MICR Full Form | Magnetic Ink Character Recognition

Dear Readers, the Full form of the MICR is Magnetic Ink Character Recognition Code (MICR Code) is a character-recognition technology. It is use mainly by the banking sector to ease the processing and clearance of cheques.

What is MICR, NEFT, RTGS, CTS, IMPS, IFSC Detailed Information

What is IFSC Code? IFSC Full Form | Indian Financial System Code

Full form of the IFSC is Indian Financial System Code. IFSC Code is an alphanumeric code. It innovatively identifies a bank branch that participates in 2 of the major electronic funds settlement in the country, Real Time Gross Settlement and National Electronics Funds Transfer.

What is RTGS? RTGS Full Form | Real Time Gross Settlement

The full form of the RTGS is Real Time Gross Settlement, which can define as the continuous (real-time) settlement of funds transfers individually on an order by order basis. ‘Real Time’ means the processing of instructions at the time they are receive without any time delay. ‘Gross Settlement’ means the settlement of funds transfer instructions occurs individually. Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

The minimum limit of Rs. 2 Lakhs and with no upper ceiling.

What is NEFT in Hindi? NEFT Full Form | National Electronic Funds Transfer

How RTGS is different from NEFT?

NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement basis which settles transactions in batches. In Deferred Net Settlement, the settlement takes place taking into account all transactions received till the particular cut-off time. These transactions are net (payable and receivables) in NEFT whereas in RTGS the transactions are settled individually. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time. but in the RTGS transactions are processed continuously throughout the RTGS business hours.

What is CTS in Banking Term? CTS Full Form

 The full form of the CTS is Cheque Truncation System or Image-based Clearing System, in India, is a project undertaken by the Reserve Bank of India in 2008, for faster clearing of cheques.

Cheque Truncation System is based on a cheque truncation or online image-based cheque clearing system where cheque images and magnetic ink character recognition (MICR) data are captured at the collecting bank branch and transmitted electronically.

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